- Legal firm Allende & Brea facilitated registration with initial capital around $500; contributions detailed in BTC and USDC.
- Process required two cryptocurrency wallets on regulated exchanges Lemon Cash and Ripio, confirming compliance with CNV Argentina.
The Argentine Ministry of Justice has officially registered the first company in the country to include cryptocurrencies, specifically bitcoin (BTC) and USD Coin (USDC), as part of its capital investment. This registration was facilitated by the General Inspection of Justice (IGJ) and marks a significant development in the integration of digital assets into traditional corporate structures in South America.
La Inspección General de Justicia aprobó la primera sociedad con capitales integrados en criptomonedas.
Gracias a la modernización impulsada por este Ministerio, hicimos historia. Somos el primer país de América Latina en lograr este hito.
— Ministerio de Justicia (@jusgobar) July 25, 2024
The law firm Allende & Brea managed the registration process, contributing an initial capital of approximately $500, split into 0.00457621 BTC (valued at $302.50) and $194.99 in USDC, according to the exchange rates on the day of the registration. This amounted to a total contribution of $497.49, equivalent to 470,625 Argentine pesos at the official exchange rate.
Incorporating a company with such capital involves legally formalizing a business where the partners have provided a predetermined amount of financial resources or assets to support the company’s operations and to demonstrate their commitment to the business.
This registration follows the IGJ’s recent resolution that established the procedure for companies wishing to accept social contributions in virtual assets and cryptocurrencies. Cryptocurrencies are recognized by the IGJ as digital representations of value, capable of being traded, transferred digitally, and utilized for payments or investments.
The registration process necessitated the creation of two cryptocurrency wallets through local exchanges, Lemon Cash and Ripio, which comply with regulations set by the National Securities Commission (CNV Argentina). The company had to open a personal wallet on Lemon and a corporate one on Ripio, facilitating the transfer of BTC and USDC.
Lamentablemente solo es posible integrar el capital de la sociedad usando IOUs de exchanges, y no con bitcoin.
— Adam Dub
(@dubdam) July 25, 2024
As in other regulations, the procedure involved a public accountant who verified the value of the cryptocurrencies at the time of the transaction, and a notary who confirmed the existence of the accounts and the legitimacy of the transfer.
A key legal requirement for the registration was the ability to confiscate the assets if necessary, as stipulated by the General Companies Law. This reflects the legal framework’s adaptability to accommodate crypto assets that can be controlled and potentially seized if not managed directly by the owner.
